India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

Himanshu is a SEBI registered independent equity research analyst (SEBI Reg No. INH200009944, BSE Enlistment No. 5593). He has 11+ years of experience in buy-side equity research through his stints at CRISIL and Miras investments.
At CRISIL, he has conducted deep analysis in multiple sectors ranging from consumer discretionary to pharma/ chemicals as well as consumer staples.
At Miras Investments, his role was to analyse late-stage investment opportunities in India focusing on Pre-IPO and IPOs.

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. Our bottom-up ideas range from IPO/QIPs to special situations; the underlying criteria is to identify market dislocations that can generate 20+% IRR with a reasonable safety margin.
As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.

India focused: IPO, special situations

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

National Stock Exchange (NSEIN IN): Synthetic Expert Call Transcript (11 Aug 2026)

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>SEBI has approved the draft prospectus of NSE. As per news reports, the management has completed extensive roadshows and is looking to launch the IPO as early as 21st September.</li>
<li>The new Closing Auction Scheme by SEBI impacts options trading—the NSE's primary revenue driver.</li>
<li>Renewed focus on NSE's dependence on options revenue amid SEBI's regulatory crackdown is raising concerns that the exchange’s valuation is stretched too high.</li>
</ul>


SEBI has approved the draft prospectus of NSE. As per news reports, the management has completed extensive roadshows and is looking to launch the IPO as early as 21st September.
The new Closing Auction Scheme by SEBI impacts options trading—the NSE's primary revenue driver.
Renewed focus on NSE's dependence on options revenue amid SEBI's regulatory crackdown is raising concerns that the exchange’s valuation is stretched too high.


NSE: SEBI Approves IPO; Valuations Seem Demanding Amid CAS Fracas